Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Paying user area
Try for free
Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2008
- Return on Assets (ROA) since 2008
- Current Ratio since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Philip Morris International Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Philip Morris International Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
A comprehensive review of the valuation ratios indicates a distinct phase of market re-rating. Between March 2022 and December 2023, valuation multiples remained relatively stable. However, starting in early 2024, there was a significant expansion across earnings, operating profit, and sales multiples, suggesting increased investor optimism or a shift in the company's perceived value, followed by a partial correction through late 2025 and early 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained largely range-bound between 15.87 and 19.02 throughout 2022 and 2023. A sharp escalation began in the latter half of 2024, with the ratio rising from 21.00 in September to 32.02 by December. This upward trajectory peaked at 34.84 in March 2025, after which a consistent contraction occurred, bringing the ratio down to 23.06 by March 2026.
- Price to Operating Profit (P/OP) Ratio
- P/OP values exhibited a steady increase starting in early 2024. After maintaining a baseline between 11.31 and 13.68 during 2022 and 2023, the ratio ascended to a peak of 19.04 in March 2025. Subsequent quarters showed moderate volatility, with the ratio ending at 16.79 in March 2026, indicating that operating profit growth did not keep pace with the stock price appreciation seen during the 2024 peak.
- Price to Sales (P/S) Ratio
- The P/S ratio experienced a gradual decline from 5.03 in March 2022 to a low of 3.93 in December 2023. A reversal occurred in 2024, characterized by a steady climb to 5.97 by year-end. This trend continued into 2025, reaching a maximum of 7.00 in December 2025, before moderating to 6.17 by March 2026. This suggests a significant increase in the premium investors were willing to pay per unit of revenue during this period.
Price to Earnings (P/E)
Philip Morris International Inc., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net earnings attributable to PMI (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net earnings attributable to PMIQ1 2026
+ Net earnings attributable to PMIQ4 2025
+ Net earnings attributable to PMIQ3 2025
+ Net earnings attributable to PMIQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation profile of the equity exhibits three distinct phases: a period of relative stability, a sharp expansion in the valuation multiple, and a subsequent gradual normalization.
- Share Price Dynamics
- Between March 2022 and December 2023, the share price experienced a mild downward trend, reaching a trough of 89.01 US$. Starting in March 2024, a strong bullish trend emerged, with the price ascending to a peak of 182.81 US$ by December 2025, representing a significant increase in market capitalization over a two-year period.
- Earnings Per Share (EPS) Performance
- Earnings remained largely range-bound between 5.03 US$ and 6.32 US$ from early 2022 through September 2024. A notable contraction occurred in December 2024, where EPS dropped to 4.54 US$. However, this was followed by a robust recovery and growth phase, with earnings climbing to 7.29 US$ by December 2025 and maintaining levels above 7.00 US$ into the first quarter of 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio remained consistent within a range of 15.87 to 19.99 from March 2022 through March 2024, suggesting a stable market valuation relative to earnings. A period of significant multiple expansion occurred between June 2024 and March 2025, with the ratio peaking at 34.84. This spike was driven by the rapid acceleration of the share price while earnings were temporarily depressed. Following this peak, the P/E ratio began a steady decline toward 23.06 by March 2026, indicating that earnings growth began to catch up with the price appreciation, thereby compressing the valuation multiple.
Price to Operating Profit (P/OP)
Philip Morris International Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory between March 2022 and March 2026 reveals a distinct transition from valuation stability to significant multiple expansion, characterized by a sharp increase in share price that substantially outpaced the growth in operating profit per share.
- Share Price Performance
- An initial period of volatility and decline is observed from March 2022 (102.41 US$) through December 2023 (89.01 US$). This phase was followed by a robust upward trend commencing in early 2024, with the price ascending to a peak of 182.81 US$ in December 2025, before moderating to 164.20 US$ by March 2026.
- Operating Profit per Share Trends
- Operating profit per share exhibited a slight contraction in the first half of the period, reaching a trough of 7.21 US$ in June 2023. Following this low point, a consistent and steady growth pattern emerged, resulting in a climb to 9.78 US$ by March 2026, representing a recovery and subsequent expansion of operational efficiency per share.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio remained relatively range-bound between 11.31 and 13.68 during 2022 and 2023, suggesting a stable market valuation relative to operating earnings. A significant shift occurred starting in 2024, as the ratio expanded rapidly to peak at 19.11 in December 2025. This expansion indicates a substantial increase in the premium investors were willing to pay per unit of operating profit. The period ended with a ratio of 16.79, reflecting a partial contraction from the peak valuation levels.
Price to Sales (P/S)
Philip Morris International Inc., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Sales (P/S) ratio and its underlying components reveals a distinct shift in market valuation between March 2022 and March 2026, characterized by an initial period of valuation compression followed by a significant expansion.
- Sales per Share Performance
- A consistent and linear upward trend is observed in sales per share, which grew from 20.36 US$ in March 2022 to 26.62 US$ by March 2026. This steady progression indicates a stable increase in revenue generation per share throughout the entire analyzed period.
- Share Price Trajectory
- The share price exhibited two contrasting phases. From March 2022 to December 2023, the price experienced a general decline, reaching a period low of 89.01 US$. This was followed by a period of aggressive growth starting in March 2024, with the price peaking at 182.81 US$ in December 2025 before settling at 164.20 US$ in March 2026.
- Price to Sales (P/S) Ratio Dynamics
- The P/S ratio mirrored the fluctuations of the share price more closely than the steady growth of sales. Between March 2022 and December 2023, the ratio contracted from 5.03 to 3.93, suggesting that the market's valuation of each dollar of sales was decreasing. Conversely, from March 2024 to December 2025, the ratio expanded significantly, peaking at 7.00. This expansion indicates that the share price appreciated at a rate that far outpaced the growth in sales per share, reflecting increased investor confidence or a higher premium assigned to the company's revenue streams.
In summary, while the fundamental revenue per share maintained a steady growth trajectory, the overall valuation multiple was primarily driven by volatility and subsequent appreciation in the share price. The period concluded with a P/S ratio of 6.17, which remains notably higher than the levels observed during the 2022-2023 period.
Price to Book Value (P/BV)
Philip Morris International Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total PMI stockholders’ deficit (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Total PMI stockholders’ deficit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Philip Morris International Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the valuation metrics reveals a significant divergence between the market's perception of value and the company's accounting book value. While the share price experienced substantial growth over the observed period, the book value per share remained consistently negative, rendering traditional Price-to-Book Value (P/BV) interpretations non-standard.
- Share Price Trajectory
- A period of relative stability was observed from March 2022 through March 2024, with the share price fluctuating within a range of $89.01 to $102.41. Starting in the second quarter of 2024, a strong upward trend emerged, characterized by a steady increase from $113.20 in June 2024 to a peak of $182.81 in December 2025. A slight correction occurred by March 2026, with the price settling at $164.20.
- Book Value per Share (BVPS) Analysis
- The BVPS remained negative throughout the entire reporting window, indicating that total liabilities exceeded total assets. The value fluctuated within a narrow band, reaching its highest point (least negative) of -$5.75 in March 2023 and its lowest point (most negative) of -$7.69 in June 2025. This persistent negative equity position suggests a capital structure that may rely heavily on debt or significant treasury stock repurchases.
- P/BV Ratio Interpretation
- Because the book value per share remained negative across all quarters, the P/BV ratio does not provide a meaningful positive multiple. The expanding gap between the rising share price and the negative BVPS indicates that the market is valuing the equity based on factors other than net asset value, such as dividend capacity, earnings power, or intangible assets not captured on the balance sheet.